As we know, the President has signed what was originally titled Tax Cuts and Jobs Act, the most significant overhaul to the U.S. Tax Code since 1986. The President signed the Act into law after the first of the year in order to avoid some automatic spending cuts.

In its final form, this Tax

Last week at the annual meeting of the American Bar Association Forum on Affordable Housing and Community Development (Forum), Michael Novey, Associate Tax Legislative Counsel, Office of Tax Policy, U.S. Department of the Treasury, encouraged the Tax Credit Equity and Financing Committee of the Forum to consider submitting a request to the IRS for priority

Yesterday, the IRS issued Revenue Procedure 2014-52 which provides for the reallocation of $2.59 million of unused national pool low-income housing tax credits (LIHTCs).  The national pool credits were divided among thirty-five states and Puerto Rico, with California receiving the largest allocation of $364,756. Each year the Internal Revenue Service allocates a certain amount of

ConstructionRestructuring tax-exempt obligations

Recently I have assisted several clients restructure the tax-exempt obligations originally issued to finance their affordable housing projects. The purpose of these restructurings has been for anything from reducing the monthly principal and interest payments on the obligation, to converting some of the obligations to a subordinate lien position, to simply making